MMT states that the government is the monopoly issuer of the domestic currency. Does it means that nobody else can issue monetary instruments? Does it means that MMT ignores private banks? A short thread.

MMT starts with a simple premise put forward by Innes and Minsky: ANYBODY can issue a monetary instrument, the problem is to get it accepted.

Acceptability depends in large part on power relations: an issuer has a higher chance to get its monetary instruments accepted if numerous economic units are indebted to that issuer.

As such there is a pyramid of monetary instruments, or hierarchy of monetary instruments, with the most accepted monetary instruments at the top.

Government monetary instruments are at the top. Government has a monopoly over the issuance of such instrument (the domestic currency).
Below are banks's monetary instruments that compete among each other
Yes below are other monetary instruments.